Veteran cryptocurrency trader Tone Vays stated in his new live broadcast via YouTube that a pullback is imminent despite Bitcoin’s rapid rise on daily and weekly charts.
bitcoin BTC, which was already in an uptrend, was expected to rise even more after rumors of an exchange-traded fund (ETF) endorsement. Speaking live on YouTube following the ETF approval news, Vays said, “He expects BTC to reach around $62,000 by October 19.
“After the daily close of around $62,000 at the end of this week or the beginning of next week, we are on the right track for what I’ve been waiting for. October 19th was where I was looking for that summit. So we have about three or four more days. Especially if we keep going up.”
Talking about the potential pullback in Bitcoin, Vays pointed out that Bitcoin has increased by almost 50% in recent weeks. Depending on how much profit you have from BTC, Vays says it makes sense to sell before a potential reversal. Stating that he can actually make a profit of 50% depending on when you buy, Vays reiterated that he expects a quick pullback following such a rapid rise.
After such rapid rises, it is quite possible to experience a rapid withdrawal in BTC and other assets in the crypto money world. According to Vays, BTC could decline towards $53,000 or $54,000 after a pullback. Despite this drop, Vays is still hopeful about BTC’s year-end target. In his previous statements, Vays stated that he expects the price of BTC to be $ 100,000 by the end of 2021.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.